European car market shrinkage slows in October

MILAN (Reuters) -- Europe's new car market shrank at a slower pace in October than in recent months, but nearly all major groups still suffered double-digit declines, as consumers showed little inclination to make big-ticket purchases in a slow economy.

New car registrations in the EU and EFTA countries dropped 4.8 percent last month to 1 million vehicles, data published by Brussels-based industry group ACEA showed on Friday.

While October's decline was the second-smallest in a year, volume automakers such as PSA/Peugeot-Citroen, Renault and Opel/Vauxhall, which have borne the brunt of the downturn, are struggling to cut costs to survive until consumers feel confident enough about the future to start spending again.